GRAHAM SPOONER | THE SHARE CENTRE
Wolseley reported results largely in line with expectations and said it has moved into a cash positive position...The share price has had a good run recently and with the company’s restructuring complete and the economic environment remaining uncertain, we feel any further upside may be limited. With the company suggesting a note of caution on the outlook we continue to recommend investors ‘hold’.
SIMON BROWN | NORTHLAND CAPITAL
Group structures are now more in-line with European markets and the hard work in the US and Canada is shown in these results. Nonetheless, it is a tough trading environment generally and despite the improved focus in many markets there are reasons why caution has to be taken when looking at the year to July 2013. Despite this the return of £350m marks its confidence to drive the business forward.
ANDY BROWN | PANMURE GORDON
These are solid full year trading results from Wolseley, with a positive surprise from a £350m special dividend. While the outlook for North America is sound, European markets still have a number of uncertainties. The share price has responded well to speculation of a special dividend, so with a full valuation we maintain a neutral stance.